Funds managed by Legal & General Investment Management have disclosed a stake of 4.7% in Allied London Properties, the property company which the L&G life fund is vying with to redevelop Bracknell town centre. A public inquiry opens next week.
L&G said that the life fund company, Legal & General Assurance Society, held “a small and historic” shareholding in ALP. It said that LGIM’s stake became disclosable as a result of winning new pension fund client business and receiving a transfer of shares in ALP.
“L&G Assurance Society, the developer in partnership with Bracknell council, has acquired no shares in ALP in connection with Bracknell,” L&G said.
